where do I stand?

Hi

Looking for some advice on financial settlements...been married 2 yrs...I earn 60k he earns 42k. No kids. Property in joint names worth about 275k with 145k mortgage. It's the third property we've owned since being married! He put about 90k into the original equity i put about 15k then subsequently my co. gave me about 30k which was used in relocation costs, furniture, legal costs, stamp duty etc - all to do with current property. I have about 7k in savings, he has 25k. No other debts...both have company pensions...we are both under age of 35. All other bills, mortgage etc has been paid on 50/50 basis.
Can you tell me if I am entitled to 50% equity or should it be apportioned according to initial investments?
Thanks so much..not sleeping worrying about all this.

Wow! Three properties in two years!?

In short term marriage; each party usually leaves with their original investment. (Just a guide, not a definate rule). There are no kids, and with your ages, equity and incomes - each can easilly proivide for their own housing and future needs. This should cover for your contribution.

You might want to consider any equal splitting of profits, although unlikely in the present climate. (You could argue a share of savings, if you contributed to them, or saved him monies, which is how he could have saved???)

I very much doubt you'd get a 50%-50% split on a short term marriage, unless the latest house was purchased from profits from the previous two?

What's he suggesting?

Hi
He's not suggesting anything at the moment....just telling me he wants 100k out of the house as he thinks thats what he put in..it's so difficult. I can honestly say that we have kept savings etc separate and everything else has been 50/50.
The issue I have is that although he put a lot more in initially, I have paid 50% of the mortgage, decorated 2 properties top to toe (with him) and put a lot of myself into this. To give him his initial investment back would mean naff all for me which doesn't seem fair given what i've put up with. Plus the property market isn't the best at the moment.
I have moved out too, still paying 50% mortgage, bills etc and rent at new place...can't continue that for long...can I force him to increase the term on the mortgage to lower the payments until we sort the finances out? we are currently on a 10yr which means loads of money.

I really need 40k to be able to afford a 1bed flat but don't know if that's fair?

berko34 wrote:

To give him his initial investment back would mean naff all for me which doesn't seem fair given what i've put up with. Plus the property market isn't the best at the moment.

Berko: My very first post (July 2007) was similar to your situation:

"After only six months of marriage, my husband wants a divorce! I am devastated.

We're both in our late forties (no kids), professional, and we both have our own homes.

I moved in to his two years ago, (practicalities with his business here):

We intended to sell up both homes, and buy together.

I've worked for him un-paid for the first 18 months, doing everything for the 'greater good of us'. I have scrimped to make savings towards our new home. I have spent two years renovating his house, and have spent a year in negotiations with property-developers, because his house sits on an acre of land. Just as we are about to agree a sale, I have played the developers off against each other, and raised the price by a massive £300,000 (three-hundred thousand).

My husband didn't want a divorce before I'd struck that deal. His name is on the deeds of our marital home, but I think he intends to just walk, (citing 'short term marriage') and pocket the massive profits from my efforts.

Where do I stand in securing a settlement short term"?

And after almost £35,000 of legal fees, we settled after our defered First Court appointment. He paid me a Lump Sum of £50,000 (I'd lost two years of my own income to work with his Music Business; he disolved a Partnership and the judge said I had a right to go 'elsewhere' with a claim; meaning through Commercial Lititgation).

The judge said he had to address 'needs' only.

We were both warned that fighting this to a Final Hearing could cost a lot more than settling. My ex stopped the Sale of the MH in July 2007. One year later (July 08) the judge said he needed expert witness valuations (we were quoted £4k just for that). But the prices have dropped, and we were told we'd be looking to Jan 2009 before we got back to court, so in that time prices have fallen more, hence little (or no) profit to prove, so I pulled out, partly because I couldn't afford legal fees, partly due to the 'gambling' nature of the system. (I could've argued my 'rights to expectation' etc) and partly due to exhaustion, and intimidation and fear of losing more than I came in with.

I lost 2.5 years of my life.

I lost £60,000 of my personal income to work with him.

I spent £19,000 on stuff during our relationship

I contributed £26,000 of photography fees - for free.

And I renovated for two years!

And it's all his, to sell when the market recovers.

Fingers badly burnt!

I salvaged only what I came in with; and eighteen months after seperation; I'm trying to salvage my career and my faith in humanity!

I totally get where you're coming from! I don't think you'd be unreasonable asking for £40k for the deposit. I'm not sure how your 'ownership' would affect a financial settlement. (Tennants in common agreements etc???)

Not totally sure how this will effect this situation, but when I was in a relationship, we were tenants in common and had to draw up a Deed of Trust. Without that I would have lost all the deposit I had put on the property. He put nothing. When we sold the cottage, I received back my deposit, and a higher percentage of the profit, he just received the percentage of the profit.

But, we were not married, dont know would that make a difference?

zara

I am in a similar situtation, I gave up Law School for this lieing misunderstood guy, that had a divorce behind him and an ex partner with a child..

I worked in a business, the two years of marriage I worked mainly on my own, while he spent the money and did mainly the accounting side...

I divorced him for unreasonable behaviour...

He never paid my wage or tax and made out that I never worked at the company or that he lived at my flat rent free...


I am needing Company Law advise, can anyone point me in the right direction????

It's a very grey area between being a supportive wife; (ie: working with your husbands business) and being in a Partnership.

I was told by one sol that the court would prefer to deal with any claims I had within the Ancillary Relief process. I was told by ex's sols that my claim had no relevence to this case (!) and told by the judge that I was free to pursue commercial claims elsewhere. So confusing!

One thing's for sure: You can argue your contribution. (Including providing a home rent free for three months) and like me you'd have to PROVE your arguments over his.

For instance: I contributed £26,000 worth of professional photography (PR, CD Covers etc) to my husband and his clients over 2.5 years. (My solicitor said to put my commercial rate to each assignment).

Ex argued that I did this work to enhance my own career, exploiting his musical connections. (According to them).

I had e-mails, CD cover credits, and downloaded all the websites, flyers etc that my photos had been used for. I also had more than 22 years as an accomplished photographer BEFORE meeting my husband. Plus, I'd worked for teen magazines: (Just 17, Smash Hits etc) and been commissioned and paid (by Sony) to photograph Michael Jackson in Germany, YEARS before I met my husband.... I had the fax's, the photos, the press-passes, the invoices and everything else to support this.. and he'd have little proof (beyond suggestion) that what I did for him was of any benefit to me.

Sorry for waffling, but if you are headed for Comercial Litigation: then you'd need to explain all to a Commercial Lawyer (not a Family lawyer) and it could cost tens of thousands, to fight this.

I doubt it's worth it, and I doubt even if you won, you'd get a settlement that exceeded cost.

If you've not dealt with settling the marital finances; you'd be best putting forward your arguments for a Lump Sum. If you gave up studying Law, you could resume this now. (That's how a judge would probably view this). If you'd given up a career as a well-paid lawyer - then different matter.

Has there been any Financial resolution? You said he did well out of you. Do you mean during the marriage? or after divorce and settlement?